Increasing Demand for Hybrid Closed Loop Insulin Delivery System Market to Push Global Market Revenue Growth During 2015-2021
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Rapidly increasing the worldwide prevalence of diabetes is the major driver in the hybrid closed-loop insulin delivery system market. The technologically advanced nature of hybrid closed-loop insulin delivery system makes the diabetes management easier with automatic monitoring and dose delivery as per the requirement which further helps in increasing patient compliance driving the growth of hybrid closed-loop insulin delivery system market. Ease of use of hybrid closed-loop insulin delivery system expected to fuel the growth of the market. Although the prevalence of type 1 diabetes is lower as compared to type 2 diabetes, management complexity level of type 1 diabetes is higher due to that hybrid closed-loop insulin delivery system plays important role in easing management of it. The hybrid closed-loop insulin delivery system measures the glucose level in the blood on regular interval providing novel diabetes management. The hybrid closed-loop insulin delivery system is used for type 1 diabetes management and type 1 diabetes affects children more as compared to adult and hence it is critical to managing. As per recent advancement, in 2017 FDA approved use of hybrid closed-loop insulin delivery system for type 1 diabetes in children above the age of 6 years easing the management and further driving the hybrid closed-loop insulin delivery system market. Although the hybrid closed-loop insulin delivery system is effective in diabetes management it can be used only in the patient who has blood glucose level very high and hence hybrid closed-loop insulin delivery system is yet to be feasible for the patients who are suffering from a comparatively less critical stage of diabetes.
Global hybrid closed-loop insulin delivery system market can be segmented on the basis of distribution channel and geography
By distribution channel hybrid closed-loop insulin delivery system market is segmented as:
Rapidly increasing diabetes prevalence as well as increasing novel approach by healthcare professionals and patients in the management of diabetes is a major factor fueling the growth of hybrid closed-loop insulin delivery system market. By distribution channel, hybrid closed-loop insulin delivery system expected to be dominated by retail pharmacies due to higher patient footfall for the purchase of hybrid closed-loop insulin delivery system. The manufacturers in the hybrid closed-loop insulin delivery system market are focusing on the innovative approach to enhance the patient compliance with the use of hybrid closed-loop insulin delivery system for diabetes management.
The global hybrid closed-loop insulin delivery system market is expected to be dominated by North America due to higher patient adoption. Europe is expected to be the second most lucrative hybrid closed-loop insulin delivery system market. Latin America hybrid closed-loop insulin delivery system market is expected to grow steadily due to steadily increasing patient adoption. Asia-Pacific is the fastest growing hybrid closed-loop insulin delivery system market due to emerging countries such as India and China where potential of hybrid closed-loop insulin delivery system market growth is significant. The Middle East and Africa is the least attractive hybrid closed-loop insulin delivery system market due to low adoption.
Some of the key participants operating in the hybrid closed-loop insulin delivery system market are Medtronic Inc., Insulet Corporation, Beta Bionics, Eli Lilly, WaveForm (AgaMatrix), Bigfoot Biomedical, Tandem Inc. and others.
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The report covers exhaustive analysis on:
Hybrid closed-loop insulin delivery system Market Segments
Hybrid closed-loop insulin delivery system Market Dynamics
Historical Actual Market Size, 2013 - 2017
Hybrid closed-loop insulin delivery system Market Size & Forecast 2018 to 2024
Hybrid closed-loop insulin delivery system market Current Trends/Issues/Challenges
Competition & Companies involved
Hybrid closed-loop insulin delivery system Market Drivers and Restraints
Regional analysis includes
Middle East & Africa
Shifting Industry dynamics
In-depth market segmentation
Historical, current and projected industry size recent industry trends
Key Competition landscape
Strategies for key players and product offerings
Potential and niche segments/regions exhibiting promising growth
A neutral perspective towards market performance
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